Thursday, March 10, 2016

Cebu Province second most preferred location for housing

The province of Cebu recently emerged as the second most
ideal area for homebuyers in a survey conducted by property listing portal
Lamudi Philippines.

The survey, which is part of Lamudi’s 2015 research report,
revealed that more than half or 55.05 percent of the respondents cited Metro
Manila as their preferred area for their property purchase. Quezon City is the
most cited city within the National Capital Region, followed by financial
powerhouse Makati, and the capital city Manila.

After the capital region, property hunters opt for Cebu and
Cavite provinces as their next top-of-mind destinations. It should be noted
that these provinces are home to highly populated and popular cities for
homebuyers, including Cebu City, Lapu-Lapu, and Mandaue (Cebu Province) and
Bacoor, Imus, and Dasmariñas (Cavite).

In fact, property developers are gearing up their massive
real estate projects in these two vibrant provinces, most notable of which is
Megaworld’s Mactan Newtown in Lapu-Lapu City. This integrated township project,
one of Megaworld’s 20 to date, is a resort-oriented enclave that will boast at
least three residential condo estates, IT and BPO office buildings, retail
centers, and hotels when completed.

As business continues to boom in areas like the Queen City
of the South, Cebu along with other regions like Cavite and Davao are now
considered the most viable alternative locations for living and working. With
the continuous congestion of Metro Manila, these next wave cities are now being
developed to be at par with the capital city while also offering suburban
comforts and leisure activities.

Other key findings of Lamudi Philippines’ 2015
Real Estate Market Report revealed that majority of Filipinos still choose
to purchase house and lot packages over condos and townhouses. This is in
contrast with the rental trend where condominiums appeared as the top choice. The
report further showed that Internet is now the starting point when it comes to
searching for a property for an overwhelming majority of prospective Filipino
homebuyers. This finding correlates similar finding in the United States, where
a study conducted by the National Association of Realtors found that 90 percent
of Americans go online first when they are researching about properties.

Moreover, Lamudi’s property report also indicated that real
estate professionals continues to be optimistic about the industry. The survey
noted that even strict bank requirements on housing loans did not make a dent
on the growth of the sector. Even political climate and economic uncertainty
will have minimal effect on the realty sector.